At 700MB, it can no longer be called "damn small", especially considering there are much smaller distributions out there, such as TinyCore @ 23MB and SliTaz @ 43MB (yes, SliTaz is still around).
Way back, I used to have the original, 50 MB DSL as a default PXE boot option in my lab. Was awesome for quick troubleshooting or to test hardware without having to mess with USB keys.